Access Bank Completes Acquisition Of National Bank Of Kenya

Access Bank PLC, a subsidiary of Access Holdings PLC, has received approval from the Central Bank of Kenya (CBK) and the National Treasury and Economic Planning of Kenya to fully acquire the National Bank of Kenya (NBK).

The acquisition involves Access Bank purchasing shares of NBK from KCB Group PLC, which has owned the bank entirely since 2019.

On April 4, 2025, the CBK granted its approval for the transaction under Section 13(4) of the Banking Act. A few days later, on April 10, 2025, the Cabinet Secretary for the National Treasury and Economic Planning also approved the deal, in accordance with Section 9 of the same Act.

As part of the acquisition, certain assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited, a subsidiary of KCB Group. Both the CBK and the Cabinet Secretary have approved this transfer, which is a crucial step in the transaction. Once the deal is finalized, Access Bank will take full ownership of NBK, and the asset and liability transfer will be implemented according to the agreement with KCB Group.

The National Bank of Kenya, established in 1968, was initially a government-owned entity aimed at providing credit access and supporting local economic growth in post-independence Kenya. In 2019, KCB Group acquired NBK and has since managed it as a subsidiary. The acquisition agreement between Access Bank and KCB Group was finalized in March 2024.

Access Bank PLC, now the sole owner of NBK, is part of Access Holdings PLC, a prominent financial group based in Nigeria. Access Holdings has been expanding rapidly across Africa and beyond in recent years, with a presence in over a dozen African countries, including Kenya, Ghana, Rwanda, Mozambique, Zambia, and South Africa. The bank also operates in the UK and the UAE, and has offices in China, Lebanon, and India.

This acquisition strengthens Access Bank’s position in Kenya’s banking sector, enhancing its ability to compete while continuing its expansion strategy in East Africa. The Central Bank of Kenya has expressed its support for the deal, noting that it will improve the resilience and stability of the Kenyan banking industry. The CBK emphasized that the transaction aligns with its goals of promoting sound financial sector development and protecting the interests of depositors and investors.

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